Eugene Scherbakov

“In addition to our earnings release, we announced a leadership transition this morning. Let me start by commenting on the quarterly results first and then I will speak about the CEO change later in the call.”

“We are pleased to report that fourth quarter revenue came at the top of our guidance. We saw growth in multiple areas, including welding, cleaning, 3D printing, and medical applications, that showed success in our strategy to diversify revenue away from cutting and reduce the amount of sales from China.”

“Our third quarter revenue was negatively impacted by softer demand in industrial markets and a further decline in sales in China. Lower demand from industrial customers and reduced e-mobility applications drove revenue declines in cutting, welding and marking applications.”

“I am pleased with our performance this quarter. Second quarter revenue came in at the midpoint of our guidance range.”

“We are pleased with our results this quarter, which were above our guidance range despite the macroeconomic uncertainty that continued to negatively impact demand in general industrial applications such as cutting and marking.”